We know there many resources circulating surrounding COVID-19 and it can be hard to sort through the noise at times. We are facing challenges that we haven’t seen before, but throughout history, credit unions have made it through difficult times by adhering to our cooperative business principles. As the leaders in credit union member and employee financial health & well-being, we want to provide you with what we believe to be the most helpful resources to help your organization right now.
First and foremost, if your organization has not seen the NCUA guidelines for credit unions, please take a look. The NCUA encourages credit unions to work with affected borrowers. A credit union’s efforts to work with members in communities under stress may contribute to the strength and recovery of these communities. Such efforts also serve the long-term interests of impacted credit unions, and may include:
- Waiving automated teller machine (ATM) fees
- Increasing ATM daily cash withdrawal limits
- Waiving overdraft fees
- Waiving early withdrawal penalties on time deposits
- Waiving availability restrictions on insurance checks
- Easing restrictions on cashing out-of-state and non-member checks & more.
- Easing credit terms for new loans for members who qualify
- Offering or expanding payday alternative loan programs
- Increasing credit card limits for creditworthy borrowers
CUAid™ harnesses the cooperative generosity of our system to get credit union employees and volunteers back on their feet so they can serve members. CUAid™ was designed to respond to regional disasters where one part of the country needs help and the rest of us can support our credit union family in that area. And it’s worked well through hurricanes, wildfires, tropical storms and even the Oklahoma bombing 20 years ago that so deeply affected three credit unions. It wasn’t built for a national state of emergency like the one our entire country is currently experiencing and it does not fall under our guidelines.
- COVID-19 and Financial Well-being: What Credit Unions Can Do
- Helping Your Spanish Speaking Members
- Protecting your finances during the Coronavirus pandemic
- Why the COVID-19 crisis is also about financial health
- The credit union volunteer perspective
- Credit union system partners perspective
- System insurance & investment partner
We would also love to hear from you on how your organization is helping your staff and members to overcome the financial challenges they are facing. We know that we not have all the answers, but by understanding what’s working, we can help to share that with others so we can all continue to leverage our cooperative spirit to get through this together.
If you have any information you would like to share, any success stories, or general feedback that would be helpful for others to know, please email us at [email protected].
As a cooperative movement, it is important now more than ever for us to work together, and stick together, to make it through this. We will continue to update you as much as possible with the shared resources we receive.